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TREAS/IRS RIN: 1545-BP70 Publication ID: Spring 2023 
Title: Guidance Related to the Foreign Tax Credit, Clarification of Foreign-Derived Intangible Income 
Abstract:

These regulations provide guidance related to the foreign tax credit, including guidance with respect to expense allocation, legal liability for foreign tax, transition rules relating to the impact on loss accounts of net operating loss carrybacks, definition of a foreign income tax, and when foreign taxes accrue and may be claimed as credit. The regulations also provide guidance clarifying rules relating to foreign-derived intangible income.

 
Agency: Department of the Treasury(TREAS)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.245A(d)    26 CFR 1.250(b)    26 CFR 367(b)    26 CFR 1.861    26 CFR 1.901    26 CFR 1.903    26 CFR 1.904    26 CFR 1.904(f)    26 CFR 1.905    26 CFR 1.960    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 245A(g)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/12/2020  85 FR 72078   
NPRM Comment Period End  02/10/2021 
NPRM: Notice of Hearing  03/08/2021  86 FR 13250   
Final Rule (TD 9956)  09/24/2021  86 FR 52971   
Final Rule Effective  09/24/2021 
Final Rule (TD 9959)  01/04/2022  87 FR 270   
Final Rule Effective  03/07/2022 
Final Rule; Correction  07/27/2022  87 FR 45021   
Final Rule; Correction and Correcting Amendment  07/27/2022  87 FR 45018   
Final Action  12/00/2023 
Additional Information: REG-111590-20; REG-101657-20 (Final) Drafter attorney: Teisha Ruggiero (646) 259-8116 Reviewer attorney: Tianlin (Laura) Shi (202) 317-6987 Treasury attorney: Isaac Wood (202) 622-1011 CC:INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Teisha M. Ruggiero
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW,
Washington, DC 20224
Phone:646 259-8116
Email: teisha.m.ruggiero@irscounsel.treas.gov